AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
At June 30,
(Dollars in thousands, except par value)20262025
ASSETS
Cash and cash equivalents$1,108,633 $1,933,845 
Restricted cash199,169 242,509 
Total cash, cash equivalents and restricted cash1,307,802 2,176,354 
Trading securities661 649 
Available-for-sale securities803,667 66,008 
Stock of regulatory agencies36,166 35,163 
Loans held for sale, carried at fair value14,937 10,012 
Loans held for sale, lower of cost or fair value5,129 — 
Loans—net of allowance for credit losses of $347,375 as of June 30, 2026 and $290,049 as of June 30, 2025
25,595,403 21,049,610 
Servicing rights, carried at fair value 25,653 27,218 
Securities borrowed163,462 139,396 
Customer, broker-dealer and clearing receivables347,944 252,720 
Goodwill and other intangible assets—net249,317 134,502 
Other assets1,411,728 891,446 
TOTAL ASSETS$29,961,869 $24,783,078 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Non-interest bearing$3,828,800 $3,040,696 
Interest bearing20,736,592 17,788,847 
Total deposits24,565,392 20,829,543 
Advances from the Federal Home Loan Bank154,000 60,000 
Secured financings576,680 — 
Borrowings, subordinated notes and debentures342,915 312,671 
Securities loaned194,729 139,426 
Customer, broker-dealer and clearing payables365,792 350,606 
Accounts payable and other liabilities595,943 410,155 
Total liabilities26,795,451 22,102,401 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock—$0.01 par value; 150,000,000 shares authorized, 71,939,630 shares issued and 56,734,049 shares outstanding as of June 30, 2026; 71,101,642 shares issued and 56,483,617 shares outstanding as of June 30, 2025
719 711 
Additional paid-in capital592,916 548,895 
Accumulated other comprehensive income (loss)—net of income tax3,914 348 
Retained earnings3,108,897 2,618,525 
Treasury stock, at cost; 15,205,581 shares as of June 30, 2026 and 14,618,025 shares as of June 30, 2025
(540,028)(487,802)
Total stockholders’ equity3,166,418 2,680,677 
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$29,961,869 $24,783,078 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Three Months Ended
June 30,
(Dollars in thousands, except earnings per common share)20262025
INTEREST AND DIVIDEND INCOME:
Loans, including fees$470,407 $410,910 
Securities borrowed and customer receivables10,183 6,699 
Investments and other
18,540 24,804 
Total interest and dividend income499,130 442,413 
INTEREST EXPENSE:
Deposits157,937 156,931 
Advances from the Federal Home Loan Bank10,194 310 
Securities loaned218 477 
Other borrowings12,891 4,534 
Total interest expense181,240 162,252 
Net interest income317,890 280,161 
Provision for credit losses17,850 14,997 
Net interest income, after provision for credit losses300,040 265,164 
NON-INTEREST INCOME:
Broker-dealer fee income11,330 11,013 
Advisory fee income9,220 7,747 
Banking and service fees36,757 9,515 
Mortgage banking and servicing rights income
365 12,855 
Prepayment penalty fee income4,205 155 
Total non-interest income61,877 41,285 
NON-INTEREST EXPENSE:
Salaries and related costs82,666 74,888 
Data and operational processing
24,891 20,358 
Depreciation and amortization26,810 7,691 
Advertising and promotional11,067 11,025 
Professional services9,322 10,362 
Occupancy and equipment6,812 4,536 
FDIC and regulatory fees7,001 6,990 
Broker-dealer clearing charges4,718 4,282 
General and administrative expense32,658 10,520 
Total non-interest expense205,945 150,652 
INCOME BEFORE INCOME TAXES155,972 155,797 
INCOME TAXES31,026 45,122 
NET INCOME$124,946 $110,675 
Basic earnings per common share$2.20 $1.96 
Diluted earnings per common share$2.16 $1.92 


AXOS FINANCIAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited) 
Year Ended June 30,
(Dollars in thousands, except earnings per common share)202620252024
INTEREST AND DIVIDEND INCOME:
Loans, including fees$1,831,455 $1,654,784 $1,499,572 
Securities borrowed and customer receivables31,933 25,492 22,407 
Investments and other93,564 135,189 133,628 
Total interest and dividend income1,956,952 1,815,465 1,655,607 
INTEREST EXPENSE:
Deposits646,365 667,753 670,570 
Advances from the Federal Home Loan Bank17,586 1,652 3,087 
Securities loaned974 1,830 2,214 
Other borrowings45,117 16,458 18,307 
Total interest expense710,042 687,693 694,178 
Net interest income1,246,910 1,127,772 961,429 
Provision for credit losses101,105 55,745 32,500 
Net interest income, after provision for credit losses1,145,805 1,072,027 928,929 
NON-INTEREST INCOME:
Broker-dealer fee income45,273 45,233 48,136 
Advisory fee income35,978 31,794 31,335 
Banking and service fees139,825 38,195 35,723 
Mortgage banking and servicing rights income6,108 13,007 10,000 
Prepayment penalty fee income6,399 2,837 5,069 
Gain on acquisition— — 92,397 
Total non-interest income233,583 131,066 222,660 
NON-INTEREST EXPENSE:
Salaries and related costs323,046 297,955 250,873 
Data and operational processing91,885 80,433 69,370 
Depreciation and amortization80,623 29,019 27,086 
Advertising and promotional49,134 47,760 42,797 
Professional services42,806 37,572 36,532 
Occupancy and equipment22,391 17,705 16,704 
FDIC and regulatory fees27,693 27,558 20,546 
Broker-dealer clearing charges17,729 17,065 18,260 
General and administrative expense77,411 34,631 33,940 
Total non-interest expense732,718 589,698 516,108 
INCOME BEFORE INCOME TAXES646,670 613,395 635,481 
INCOME TAXES156,298 180,487 185,473 
NET INCOME$490,372 $432,908 $450,008 
Basic earnings per common share$8.66 $7.61 $7.82 
Diluted earnings per common share$8.48 $7.43 $7.66 


LOANS & ALLOWANCE FOR CREDIT LOSSES
The following table sets forth the composition of the loan portfolio:
(Dollars in thousands)June 30, 2026June 30, 2025
Single Family - Mortgage & Warehouse$4,581,772 $4,395,278 
Multifamily and Commercial Mortgage2,484,290 2,940,739 
Commercial Real Estate8,867,851 6,937,187 
Commercial & Industrial - Non-RE9,495,647 6,795,497 
Auto & Consumer666,477 482,996 
Total gross loans26,096,037 21,551,697 
Allowance for credit losses - loans(347,375)(290,049)
Unaccreted premiums (discounts) and loan fees(153,259)(212,038)
Total net loans$25,595,403 $21,049,610 



AVAILABLE-FOR-SALE SECURITIES
The amortized cost and fair value of available-for-sale securities were:
June 30, 2026
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
United States Treasury securities$732,118 $304 $— $732,422 
Mortgage-backed securities (MBS):
Agency1
$68,344 $215 $(1,587)$66,972 
Non-agency2
3,330 974 (31)4,273 
Total mortgage-backed securities71,674 1,189 (1,618)71,245 
Total available-for-sale securities
$803,792 $1,493 $(1,618)$803,667 
June 30, 2025
(Dollars in thousands)Amortized
Cost		Unrealized
Gains		Unrealized
Losses		Fair
Value
Mortgage-backed securities (MBS):
Agency1
$48,229 $327 $(1,799)$46,757 
Non-agency2
14,395 1,232 (58)15,569 
Total mortgage-backed securities62,624 1,559 (1,857)62,326 
Municipal3,682 — — 3,682 
Total available-for-sale securities
$66,306 $1,559 $(1,857)$66,008 
1 Includes securities guaranteed by Ginnie Mae, a U.S. government agency, and the government sponsored enterprises Fannie Mae and Freddie Mac.
2 Private sponsors of securities collateralized primarily by first-lien mortgage loans on commercial properties or by pools of 1-4 family residential first mortgages. Primarily super senior securities secured by prime, Alt-A or pay-option ARM mortgages.


DEPOSITS
The following table sets forth the composition of the deposit portfolio:
(Dollars in thousands)June 30, 2026June 30, 2025
Non-interest bearing$3,828,800 $3,040,696 
Interest-bearing demand and savings20,202,452 16,660,290 
Time deposits534,140 1,128,557 
Total interest bearing20,736,592 17,788,847 
Total deposits1
$24,565,392 $20,829,543 
1 The total interest-bearing includes brokered deposits of $953.7 million and $1,801.1 million as of June 30, 2026 and June 30, 2025, respectively, which include brokered time deposits of $149.9 million and $700.0 million as of June 30, 2026 and June 30, 2025, respectively.
The number of deposit accounts at the end of each of the last three fiscal years is set forth below:
At June 30,
20262025
Non-interest bearing57,925 50,967 
Interest-bearing checking and savings accounts639,543 546,678 
Time deposits2,102 2,956 
Total number of deposit accounts699,570 600,601 


AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
Average Balances, Net Interest Income, Yields Earned and Rates Paid
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted average yields on such assets; (iii) the total amount of interest expense on interest-bearing liabilities and the weighted average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Three Months Ended,
June 30, 2026June 30, 2025
(Dollars in thousands)
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Average
Balance1
Interest
Income/
Expense
Average Yields
Earned/Rates
Paid2
Assets:
Loans3, 4
$25,535,601 $470,407 7.37 %$20,539,298 $410,910 8.00 %
Non-purchased loans
24,943,763 451,156 7.23 %19,560,321 374,450 7.66 %
Purchased loans5
591,838 19,251 13.01 %978,977 36,460 14.90 %
Interest-earning deposits in other financial institutions1,117,742 9,342 3.34 %2,149,658 23,652 4.40 %
Mortgage-backed and other securities4
806,470 8,135 4.03 %76,214 642 3.37 %
Securities borrowed and margin lending6
492,596 10,183 8.27 %344,061 6,699 7.79 %
Stock of the regulatory agencies46,501 1,063 9.14 %29,599 510 6.89 %
Total interest-earning assets27,998,910 499,130 7.13 %23,138,830 442,413 7.65 %
Non-interest-earning assets1,566,243 813,673 
Total assets$29,565,153 $23,952,503 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$18,972,408 $151,833 3.20 %$16,284,806 $148,589 3.65 %
Time deposits610,773 6,104 4.00 %845,052 8,342 3.95 %
Securities loaned203,242 218 0.43 %108,963 477 1.75 %
Advances from the FHLB1,057,452 10,194 3.86 %60,001 310 2.07 %
Secured financings614,702 7,234 4.71 %
Borrowings, subordinated notes and debentures365,732 5,657 6.19 %355,690 4,534 5.10 %
Total interest-bearing liabilities21,824,309 181,240 3.32 %17,654,512 162,252 3.68 %
Non-interest-bearing demand deposits3,639,612 2,960,476 
Other non-interest-bearing liabilities916,533 710,207 
Stockholders’ equity3,184,699 2,627,308 
Total liabilities and stockholders’ equity$29,565,153 $23,952,503 
Net interest income$317,890 $280,161 
Interest rate spread7
3.81 %3.97 %
Net interest margin8
4.54 %4.84 %
1Average balances are obtained from daily data.
2Annualized.
3Loans include loans held for sale, loan premiums and unearned fees.
4Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
5Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
6Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the unaudited Condensed Consolidated Balance Sheets.
7Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate paid on interest-bearing liabilities.
8Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.



AVERAGE BALANCES, NET INTEREST INCOME, YIELDS EARNED AND RATES PAID
The following table presents information regarding (i) average balances; (ii) the total amount of interest income from interest-earning assets and the weighted-average yields on such assets; (iii) the total amount of interest expense on interest- bearing liabilities and the weighted-average rates paid on such liabilities; (iv) net interest income; (v) interest rate spread; and (vi) net interest margin:
For the Fiscal Years Ended June 30,
202620252024
(Dollars in thousands)
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Average
Balance1
Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid		Average
Balance1		Interest
Income /
Expense		Average
Yields
Earned /
Rates  Paid
Assets:
Loans2,3
$23,781,799 $1,831,455 7.70 %$19,853,221 $1,654,784 8.34 %$18,010,709 $1,499,572 8.33 %
Non-purchased loans23,069,131 1,716,105 7.44 %18,880,093 1,494,140 7.91 %17,458,451 1,405,202 8.05 %
Purchased loans4
712,668 115,350 16.19 %973,128 160,644 16.51 %552,258 94,370 17.09 %
Interest-earning deposits in other financial institutions1,779,674 69,021 3.88 %2,665,865 128,073 4.80 %2,242,226 120,861 5.39 %
Mortgage-backed and other securities521,479 21,446 4.11 %109,405 5,181 4.74 %218,565 11,234 5.14 %
Securities borrowed and margin lending4
435,559 31,933 7.33 %344,055 25,492 7.41 %329,154 22,407 6.81 %
Stock of the regulatory agencies35,272 3,097 8.78 %26,930 1,935 7.19 %17,250 1,533 8.89 %
Total interest-earning assets26,553,783 $1,956,952 7.37 %22,999,476 $1,815,465 7.89 %20,817,904 1,655,607 7.95 %
Non-interest-earning assets1,262,124 775,958 811,032 
Total assets$27,815,907 $23,775,434 $21,628,936 
Liabilities and Stockholders’ Equity:
Interest-bearing demand and savings$18,252,569 $609,800 3.34 %$16,181,014 $632,919 3.91 %$14,352,569 $626,678 4.37 %
Time deposits908,013 36,565 4.03 %859,400 34,834 4.05 %1,062,644 43,892 4.13 %
Securities loaned163,966 974 0.59 %113,330 1,830 1.61 %153,552 2,214 1.44 %
Advances from the FHLB455,746 17,586 3.86 %74,385 1,652 2.22 %107,454 3,087 2.87 %
Secured financings508,663 23,108 4.54 %— — — %— — — %
Borrowings, subordinated notes and debentures369,148 22,009 5.96 %332,665 16,458 4.95 %358,452 18,307 5.11 %
Total interest-bearing liabilities20,658,105 $710,042 3.44 %17,560,794 $687,693 3.92 %16,034,671 694,178 4.33 %
Non-interest-bearing demand deposits3,360,937 2,968,839 2,769,272 
Other non-interest-bearing liabilities792,945 743,920 745,472 
Stockholders’ equity3,003,920 2,501,881 2,079,521 
Total liabilities and stockholders’ equity$27,815,907 $23,775,434  $21,628,936 
Net interest income$1,246,910 $1,127,772 $961,429 
Interest rate spread6
3.93 %3.97 %3.62 %
Net interest margin7
  4.70 %  4.90 %4.62 %
1.Average balances are obtained from daily data.
2.Loans include loans held for sale, loan premiums and unearned fees.
3.Interest income includes reductions for amortization of loan and available-for-sale securities premiums and earnings from accretion of discounts and loan fees.
4.Purchased loans include loans, loan discounts and unearned fees related to the FDIC Loan Purchase.
5.Margin lending is the significant component of the asset titled customer, broker-dealer and clearing receivables on the audited consolidated balance sheets.
6.Interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average rate paid on interest-bearing liabilities.
7.Net interest margin represents annualized net interest income as a percentage of average interest-earning assets.


SEGMENT SELECTED FINANCIAL INFORMATION
Banking Business Segment
Fiscal Year Ended
June 30, 2026
June 30, 2025
Efficiency ratio42.19 %40.80 %
Return on average assets1.90 %2.02 %
Interest rate spread4.00 %4.03 %
Net interest margin4.74 %4.95 %

Securities Business Segment
June 30,
(Dollars in thousands)20262025
FDIC insured program balances at banks$1,673,368 $1,444,830 
Margin balances$312,623 $229,387 
Cash reserves for the benefit of customers$101,024 $146,835 
Securities lending:
Interest-earning assets – stock borrowed$163,462 $139,396 
Interest-bearing liabilities – stock loaned$194,729 $139,426